What Hoboken business is doomed next?

Update:

Who put “comic book store” in the “what business is needed in Hoboken” poll on the left sidebar?

Whomever it was, did you check out Traders of Babylon? The have like 50,000 comic books in stock. Unless, of course, it was a joke.

11/8/2007:

While I wish all new and existing businesses in Hoboken great success, several readers have been curious to see what other people think what the next business to close it’s doors will be. So I added a harmless little poll below (and a “new businesses wanted” poll on the left sidebar)

Maybe if someone’s business shows up on this list, it’s time they figured out how to make their customers happier?

{democracy:84}

doomed-hoboken-business.jpg

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63 Comments on "What Hoboken business is doomed next?"


hobokenj
Member
hobokenj
6 years 11 months ago

**ROME PIZZA***. Food isn’t good and the owner is apparently a DB since he is always whining about competition. If your food was better than you wouldn’t have to worry about the trucks serving food a block and a half away that don’t serve anything remotely close to your cuisine.

jc5201
Member
jc5201
6 years 11 months ago

I’ve had their pizza a few times, and I thought it was pretty good.

In response to hobokenj who said:
**ROME PIZZA***. Food isn’t good and the owner is apparently a DB since he is always whining about competition. If your food was better than you wouldn’t have to worry about the trucks serving food a block and a half away that don’t serve anything remotely close to your cuisine.

MidnightRacer
Member
6 years 11 months ago

Thanks. If while hiking through the great swamp and I encounter an oddity, I’ll post. So when are you gonna take the family there?

emarche
Member
6 years 11 months ago

Already been and going back soon. Now is a great time of year to poke around – not a lot of wildlife, but the trails are beautiful in the fall. Dead of winter’s not a bad time either: good visibility means a good chance you’ll see fox, definitely deer, etc. Spring/early summer absolutely kill – lots of turtles and lots of snakes if you’re quiet. There are a number of blinds set up through the swamp as well so you’ll spot some great birds. As soon as she’s old enough (let’s go with: ‘walking’), I plan on taking my daughter on a regular basis.

Oh, and let’s not forget: Chatham puts you with striking distance of…

(drum roll)

CASA MAYA!

Meyersville is ridiculously close to where you’ll be (10-15min ride?) and features some absolutely excellent Mexican food. Love that place.

Lots of good stuff – you’re going to love it.

In response to MidnightRacer who said:
Thanks. If while hiking through the great swamp and I encounter an oddity, I’ll post. So when are you gonna take the family there?

plywood
Member
plywood
6 years 11 months ago

And Yip isn’t talking about the bloated existing housing. I remember when the condos in Greenville (JC) tanked in I believe it was ’87. Lots of people with more on the note than the place was worth. Literally ripping out the copper pipe on their abandonment of the property. Hoboken condo owners who bought in say the last 5 years should think about settling in for the long term to avoid a hit. Wait until all those mortgages reset in the next 12 months. Ouch.

MidnightRacer
Member
6 years 11 months ago

What’s the deal with FHA loans? Is it because you might have a decent salary but little cash down?

I’ve already sold (buying in Chatham – will leave soon) to someone with a 30 yr conventional mortgage, but during the process, I had a few good offers come in requesting FHA approval status of the building. There’s even a website that lists all the address of homes/condo buildings which are FHA approved. But I’m not sure why people choose FHA over conventional.

Yip’s prediction is scary.

jc5201
Member
jc5201
6 years 11 months ago

FHA loans are more forgiving. A conventional loan calls for 20% down (moving toward 25% with condos) and very good credit, income and assets. FHA loans allow a borrower to purchase a home with as little as 3.5% down and their guidelines are more forgiving when it comes to credit score and debt-to-income ratios.

They used to be loans for people with credit issues or those who don’t have good income, whwn 80-10-10s or 80-15-5s were popular but now they are much more mainstream.

Their great loans for purchasing a multi-family as they allow a borrower to use 85% of the rental income for qualifying purposes from day one. Conventional loans call for landlord experience in order to use rental income.

The long and short of it is all condo loans are becoming much more difficult.

In response to MidnightRacer who said:
What’s the deal with FHA loans? Is it because you might have a decent salary but little cash down?

I’ve already sold (buying in Chatham – will leave soon) to someone with a 30 yr conventional mortgage, but during the process, I had a few good offers come in requesting FHA approval status of the building. There’s even a website that lists all the address of homes/condo buildings which are FHA approved. But I’m not sure why people choose FHA over conventional.

Yip’s prediction is scary.

MidnightRacer
Member
6 years 11 months ago

Thanks, that’s good info to know. Seems to make most sense for investment properties.

In response to jc5201 who said:
FHA loans are more forgiving. A conventional loan calls for 20% down (moving toward 25% with condos) and very good credit, income and assets. FHA loans allow a borrower to purchase a home with as little as 3.5% down and their guidelines are more forgiving when it comes to credit score and debt-to-income ratios.

They used to be loans for people with credit issues or those who don’t have good income, whwn 80-10-10s or 80-15-5s were popular but now they are much more mainstream.

Their great loans for purchasing a multi-family as they allow a borrower to use 85% of the rental income for qualifying purposes from day one. Conventional loans call for landlord experience in order to use rental income.

The long and short of it is all condo loans are becoming much more difficult.

jc5201
Member
jc5201
6 years 11 months ago

Congrats on the move. Make sure you try Scallini-Fedelli on Main Street for Italian. Very pricy but the food is outrageous.

In response to MidnightRacer who said:
Thanks, that’s good info to know. Seems to make most sense for investment properties.

emarche
Member
6 years 11 months ago

Congrats on the move. Chatham’s a great town – I know it very, very well. You going condo or house?

Deal with FHAs is (and this is my limited understanding) exactly what you suggest: can afford mortgage payments, but don’t have/can’t afford a 20% down payment. You end up w/ PMI, but for some people it works – especially in Jersey. Scraping together 20% for a down payment on a 5-600k home is a pain in the ass. Unless, of course, you work in finance or have rich (and generous) relatives.

In response to MidnightRacer who said:
What’s the deal with FHA loans? Is it because you might have a decent salary but little cash down?

I’ve already sold (buying in Chatham – will leave soon) to someone with a 30 yr conventional mortgage, but during the process, I had a few good offers come in requesting FHA approval status of the building. There’s even a website that lists all the address of homes/condo buildings which are FHA approved. But I’m not sure why people choose FHA over conventional.

Yip’s prediction is scary.

MidnightRacer
Member
6 years 11 months ago
Thanks emarche. It was tough deciding between Twp versus Borough, but I went with Chatham Twp, a single family home on the Chatham ridge about 2 miles from the train, half acre, huge very dry basement, 1956 ranch (nicer model, oversized 2 car garage under) that I plan (5-10 years) to convert into a Cliff May California rancho, or a 2 floor craftsman – either one with the low roof pitch and overhanging eve with the cool looking craftsman rafter tails. Being on a slight slope uphill from road, I can see years and years of calluses (DIY – make your own pavers). Borough would’ve been nice for an easy walk to the train, but I can bike the 2 miles. Borough you get a small lot, Township you get a more land. Guess we chose to be closer to all the outdoor recreation rather than closer to the train. I know the better investment is the commuter’s delight, but long term Twp might make life nicer. RE: FHA and down payments… I guess I forget it isn’t the 1990’s anymore. I bought the condo 12 years ago so you didn’t need that much, same for homes back then. I think I got lucky selling right before prices reduced even more with all the inventory flooding the market. Feel fortunate that I’m out and buying in Chatham when prices have really come down quite a bit. In response to emarche who said: Congrats on the move. Chatham’s a great town… Read more »
emarche
Member
6 years 11 months ago
No, I agree with you: go for the space. Place sounds excellent. Be sure to check out the Great Swamp if you get a chance and if you ever have any questions re: the area, throw up a post and I’ll be happy to help. In response to MidnightRacer who said: Thanks emarche. It was tough deciding between Twp versus Borough, but I went with Chatham Twp, a single family home on the Chatham ridge about 2 miles from the train, half acre, huge very dry basement, 1956 ranch (nicer model, oversized 2 car garage under) that I plan (5-10 years) to convert into a Cliff May California rancho, or a 2 floor craftsman – either one with the low roof pitch and overhanging eve with the cool looking craftsman rafter tails. Being on a slight slope uphill from road, I can see years and years of calluses (DIY – make your own pavers). Borough would’ve been nice for an easy walk to the train, but I can bike the 2 miles. Borough you get a small lot, Township you get a more land. Guess we chose to be closer to all the outdoor recreation rather than closer to the train. I know the better investment is the commuter’s delight, but long term Twp might make life nicer. RE: FHA and down payments… I guess I forget it isn’t the 1990’s anymore. I bought the condo 12 years ago so you didn’t need that much, same for homes back then.… Read more »
emarche
Member
6 years 11 months ago

That’s interesting, Yip. I know that 700 Grove and a couple of other buildings were really pushing the fact that you can/could buy with an FHA (ultimately, I think, putting as little as 3.5% down). Wonder what the impact will be on current projects and condo values.

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